Illinois tax increase could hurt businesses, Caterpillar says

03/27/2009 | Chicago Tribune (tiered subscription model)

Caterpillar executives met with Illinois Gov. Pat Quinn after he announced plans to hike the state's personal and corporate income tax rates by 50%. Timothy Elder, director of corporate public affairs for Caterpillar, said the state should consider cutting expenses and laying off employees before raising taxes. Illinois faces a budget deficit of nearly $12 billion.

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